QUESTION 4 Question 3b- 1 The gains from international trade are closely related to: The fact that a country must lose from trade. Factor price equalization theory. How much the autarky price differs from international terms of trade changes. The labour theory of value
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- 3. It has been argued that the Heckscher-Ohlin model defines comparative advantage as the outcome of variances in countries':a. Degree of technological sophisticationb. Relative richness of resourcesc. Labor costsd. Important production activitiesComparative advantage does not address Question 10 options: whether specialization and trade benefit more than one party to a trade. whether absolute advantage or comparative advantage that really matters. how are the gains from trade shared among the parties to a trade. whether it possible for specialization and trade to increase total output of traded goods.Assume our standard model. Andreas can knit 4 scarves per hour and 3 hats per hour. Katya can knit 12 scarves per hour and 6 hats per hour. What is the opportunity cost of one scarf (in terms of number of hats) for the person with the comparative advantage in scarf production?
- The bolded wording is the answer choices for the drop-down arrows it has 4 answer choices Euphoria's opportunity cost of producing 1 pair of jeans is a) 1/2 b) 1/4 c) 2 d) 4 of corn, and Arcadia's opportunity cost of producing 1 pair of jeans is a) 1/2 b) 1/4 c) 2 d) 4 of corn. Therefore, a) Euphoria b) Arcadia has a comparative advantage in the production of jeans, and a) Euphoria b) Arcadia and has a comparative advantage in the production of corn. Euphoria Trade Actions (Jeans) a) Exports 14 b) Imports 14 Trade Actions (Corn) a) Exports 42 b) Imports 42 Arcadia Trade Actions (Jeans) a) Exports 14 b) Imports 14 Trade Actions (Corn) a) Exports 42 b) Imports 42Q1) Identify and categories the FIVE limitations to the theory of comparative advantage.Question 25 Please refer to Maxine's & Daisy's PPFs Who has a comparative advantage in pies? Group of answer choices Maxine Daisy
- 22. A critical element of the Heckscher-Ohlin model is that a. Different goods display different factor intensities in their production. b. Some countries have no comparative advantage in anything. c. Trade may not be beneficial. d. Some countries have no absolute advantage in anything.19) According to the Heckscher-Ohlin model, the source of comparative advantage is a country's A) factor endowments. B) technology. C) advertising. D) human capital. E) political system. Answer:The production possibilities frontier (PPF) for Honduras and Brazil, representing hypothetical levels of production, are shown in the graphs. Assume that, without trade, each country is initially producing and consuming at point A on its PPF curve. Suppose these countries decide to trade. Each country will specialize in the production of the good for which it has a comparative advantage. Assume the countries agree to trade. The terms of trade are 6000 tons of bananas for 4000 tons of steel. Move the post‑trade consumption point for each country to reflect their post‑trade consumption. Which good will each country produce? Honduras will produce bananas and Brazil will produce steel. Brazil will produce both bananas and steel. Honduras will produce both bananas and steel. Honduras will produce steel and Brazil will produce bananas.
- "The Heckscher-Ohlin Model suggests that the basis of comparative advantage lies primarily in a difference in factor endowments between countries, and that if countries enter into international trade based on that comparative advantage, they will be better off compared to other theories." Discuss this statementWhat is the relationship between production costs and comparative advantage? Group of answer choices Comparative advantage considers, “How much am I giving up to produce this good in this country?” Comparative advantage identifies the good for which the producer’s absolute advantage is relatively smaller. Comparative advantage identifies where the producer’s absolute productivity disadvantage is relatively larger. Comparative advantage happens when the production costs for both trading partners are the same.There are two countries: Country A and Country B. These countries have the same amount of resources and both produce the same two goods, pencils and markers. The opportunity cost of pencils in Country A is ½ markers per pencil and the opportunity cost of pencils in Country B is 4 markers per pencil. Which country has a comparative advantage in each good? Group of answer choices Country A has a comparative advantage in both goods Country B has a comparative advantage in both goods Country A has a comparative advantage in markers; Country B has a comparative advantage in pencils Country A has a comparative advantage in pencils; Country B has a comparative advantage in markers